Notes Payable and Long Term Debt

6 Months Ended

Sep. 30, 2015

Debt Disclosure [Abstract]

Notes Payable and Long Term Debt

Notes Payable and Long Term Debt

In August 2015, the Company entered into Amendment 1 to the Second Amended and Restated Credit Agreement to add certain foreign subsidiaries as borrowers and guarantors. During the quarter ended September 30, 2015, the Company borrowed $295,000 and repaid $26,000. At September 30, 2015, the Company had outstanding borrowings of $307,000 under the Second Amended and Restated Credit Agreement and outstanding letters of credit of approximately $100, which are included in short-term borrowings in the condensed consolidated balance sheets.  As a result, the unused balance under the Second Amended and Restated Credit Agreement was approximately $92,900 at September 30, 2015. At September 30, 2015, the adjusted London Interbank Offered Rate (LIBOR) for 30 days was 0.19%, and the weighted average interest rate was 1.46%. Subsequent to September 30, 2015, the Company borrowed $30,000 and repaid $45,000, resulting in a total outstanding balance of $292,000 under the Second Amended and Restated Credit Agreement as of November 9, 2015.

During the quarter ended September 30, 2015, the Company repaid approximately $4,900, the balance outstanding under the Amended China Credit Facility at the previous quarter ended June 30, 2015. Later in September 2015, the Company borrowed approximately $9,300 under the Amended China Credit Facility and this amount remains outstanding at September 30, 2015. Amounts outstanding are included in short-term borrowings in the condensed consolidated balance sheet at September 30, 2015. Interest is based on the People’s Bank of China rate, which was 4.60% at September 30, 2015. Subsequent to September 30, 2015, the Amended China Credit Facility was amended (Second Amended China Credit Facility) to include an increase in the uncommitted revolving line of credit of up to CNY 150,000, or approximately $24,000, including a sublimit of CNY 50,000, or approximately $8,000, for the Company’s fully owned subsidiary, Deckers Footwear (Shanghai) Co., LTD.